Vanguard U.S. Momentum Factor
ALTAR
Score™
2.8% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
33.6x P/Sales
ratio
2.5x
P/BV
ratio
4.2x Div.
yield
1.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fund seeks to provide long-term capital appreciation by investing in stocks with strong recent performance as determined by the advisor.

FUND BASICS
Category US Equities
Fund Sponsor Vanguard
Website www.vangaurd.com
Inception date Feb 13, 2018
Assets (mns) $31
Currency USD
Expense ratio 13 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 491
Wgt avg mkt cap (mns) $43,194
Large cap (>$10bn) 48.7%
Mid cap ($2-10bn) 31.6%
Small cap (<$2bn) 19.7%
Developed mkts 99.8%
Emerging mkts 0.2%

TOP TEN HOLDINGS
APPLIED MATERIALS INC 1.1 %
PROCTER & GAMBLE CO/THE 1.0 %
DOLLAR GENERAL CORP 1.0 %
STARBUCKS CORP 1.0 %
MASTERCARD INC-CLASS A 0.9 %
AMERICAN TOWER CORP-CL A 0.9 %
AIR PRODUCTS & CHEMICALS INC 0.8 %
WASTE MANAGEMENT INC 0.8 %
MCDONALD'S CORP 0.8 %
ESTEE LAUDER COMPANIES-CL A 0.7 %
Total 9.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.3 %
BRITAIN 1.4 %
BERMUDA 0.8 %
IRELAND 0.8 %
PUERTO RICO 0.5 %
NETHERLANDS 0.4 %
SWITZERLAND 0.3 %
MONACO 0.2 %
CAYMAN ISLANDS 0.2 %
ARGENTINA 0.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
21.5% 7.2% -- -- 4.8%

Market Correlations
versus... Beta R-squared
S&P500 1.06 78%
MSCI EAFE 0.96 47%
MSCI Emg. Mkts. 0.68 33%

Technical Indicators
Recent close $82.98
30d moving avg. $81.48
Annualized volatility 17.9%
Short interest (ETF) 0.0%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $55,446

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard U.S. Momentum Factor ETF based on the alternatives' overlap in portfolio holdings with VFMO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VFMO Expense: 13 bp ALTAR Score™: 2.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VFMO
Ticker Fund
Name
Overlap1
vs VFMO
(%)
Expense
ratio
(bp)
Savings
vs VFMO
(bp)
ALTAR
Score™
(%)
ALTAR
vs VFMO
(%)
FAD First Trust Multi Cap Growth 43.1 69 -56 3.4 +0.6
JMOM JPMorgan U.S. Momentum Factor 35.9 12 1 4.3 +1.5
FTC First Trust Large Cap Growth 32.0 61 -48 3.7 +0.8
MMTM SPDR S&P1500 Momentum Tilt 30.5 12 1 5.4 +2.6
FDMO Fidelity Momentum Factor 29.8 29 -16 4.2 +1.3
OMOM Invesco Russell 1000 Momentum Factor ETF 28.4 19 -6 5.3 +2.5
SPMO Invesco S&P 500 Momentum Portfolio 28.1 13 0 4.2 +1.4
MTUM iShares MSCI USA Momentum Factor 26.8 15 -2 4.4 +1.6
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity 26.4 29 -16 6.3 +3.5
USMV iShares MSCI USA Minimum Volatility 26.2 15 -2 5.2 +2.4
SCIU Global X Scientific Beta US 26.1 19 -6 5.7 +2.9
AUSF Global X Adaptive U.S. Factor 25.7 27 -14 8.2 +5.4
USLB Invesco Russell 1000 Low Beta Equal Weight 25.2 35 -22 5.8 +3.0
DYNF BlackRock U.S. Equity Factor Rotation 25.2 30 -17 6.6 +3.7
JPUS JPMorgan Diversified Return U.S. Equity 25.0 19 -6 6.3 +3.5
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 24.9 9 4 6.4 +3.6
VFMF Vanguard U.S. Multifactor 24.9 18 -5 6.7 +3.8
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity 24.8 9 4 6.5 +3.7
DEUS Xtrackers Russell 1000 Comprehensive Factor 24.7 17 -4 6.4 +3.5
CFO Victory CEMP US 500 Enhanced Volatility Wtd 24.7 35 -22 6.1 +3.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Vanguard U.S. Momentum Factor
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.4 %
Divided by: Fwd. P/BV 3.8 x
Less: Expense ratio 13 bp
Equals: ALTAR Score 2.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 CATEGORY
AVERAGE
1.55
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.